SCEI president Ken Kutaragi has declared it will be up to us gamers to decide whether the PS3 is worth the asking price - as we did when the original PlayStation was released.
In an interview with the Nihon Keizai Shimbun, Kutaragi said: "Price setting is always a headache for us. No game machines are comparable to the PS3, which is neither a genuine game console, home electronics [product] nor a personal computer. It is a new kind of product."
The PS3 is set to launch globally this November, priced at $499 / 499 for the 20GB version or $599 / 599 for the 60GB model.
According to Kutaragi, it will be "consumers who decide whether it's expensive or cheap. If a product offers charm, then buyers will be convinced."
Kutaragi then referred to the original PlayStation, which launched in December 1994 with a price tag of ¥39,800 (280).
"With Nintendo's 16-bit machine selling for about ¥12,000 (85) at that time, the media criticised us for priciness - but it became an explosive hit."